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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #50,161
  • Dec 21, 2009 2:10am Dec 21, 2009 2:10am
Quoting MattW
Apart from the fact that it's December and 4 days before Christmas, what do you reckon to NZD/CHF (daily)?

My inclination would be we're very likely to see this one fail without price re-testing the upper trendline. Why? We're clearly into a down-trend now and the NZD/USD monthly is very bearish so we're likely to see the Kiwi weaken. Not so sure where the Swissy is headed tho as it's currently weakening against the dollar also.
Hi Matt, I agree with ur analysis on the on d Kiwi. I think we are goin to see that last lower low on your chart. we may not clearly be in a down trend but giving recent price behavour (2 lower highs and 2 lower lows) we are about to enter into a clear down trend.

In the main time i wil be watching For PA on the lower time frame as price makes it way down to the lower low. That is one way I apply this material.

Hunri
  • #50,162
  • Dec 21, 2009 2:32am Dec 21, 2009 2:32am
Quoting TiaForex
Ghous, you are preaching it loud and clear brother! That fragile moment after a little success. So true.

<truncate>

I feel like I am not quite expressing myself as clearly as I'd like so go back and read what Ghous said.... It is amazing how the learning curve seems to have the same stages for all of us. And I'm at the same place as you Ghous. Keep it simple, pull back and just sit patiently and let it play out.
Totally relate to tt Aaron. Went through a similar phase lately... thankfully I was cognizant enough to recognise I was off balance mentally and took out all that crap on demo. But it's annoying, cause it disturbed my psych...

Found the key to this though! (at least its working for me)

That aside, the other thing that's hindered me, is taking this too seriously and losing the enjoyment/satisfaction of playing the game.

A part of me still thinks its a tad silly, but psychologically, if u're taking it too seriously, man, it's difficult to enjoy, you stress over sh*t you know you're not supposed to stress over and you make stupid mistakes cause of that stress.

Most importantly, the real bang in this game comes from playing it well for the long haul. And well, perhaps this applies to me only, I'm not sure, but I can't do something for YEEAAARRS and not enjoy it.

In terms of human nature, we are geared towards whatever provides us with incentive. If trading is crap for you, that's disincentive.
For long term success, personally, I need to make the very process enjoyable --> incentive

This subtle shift in psychology is doing me wonders.
One Mind, Any Market
  • #50,163
  • Dec 21, 2009 3:19am Dec 21, 2009 3:19am
Quoting perch
A two day almost pin -
I know it's not apin but bounced off a big round number and the trend is down?
Trying this one - also note should have waited for a break lower too.
but I am able to babysit this one.
comments/concerns welcome.

I agree with u on the strength of the round no+ ppz and also overall we are still in a down trend. it also appears that we broke out of a very well estabished chart pattern, see the sharp move up, now i think it will take something special to stop this move right now. The ppz is special, d rn no is also but the PA in not. This is just my opinion.

Hunri
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  • #50,164
  • Dec 21, 2009 3:20am Dec 21, 2009 3:20am
Quoting Cyrus
....
This subtle shift in psychology is doing me wonders.
Paradigm shift
  • #50,165
  • Dec 21, 2009 3:25am Dec 21, 2009 3:25am
Quoting StoragePro
Actually, give me the South of Spain. Nice weather, nice standard of living, and I get to trade TWO market opens in the course of a normal day...
South of Spain, that is the ticket for me.
...
sounds like your next destination

u might wanna consider our place:
nice weather, cheap cost of living, wide array of living standards, u get to trade 3 or more market opens (most particularly Frankfurt, London & New York opens; Europe open is just 2hours after lunch; NY open is right around dinner time)
  • #50,166
  • Dec 21, 2009 4:05am Dec 21, 2009 4:05am
Quoting StoragePro
Actually, give me the South of Spain. Nice weather, nice standard of living, and I get to trade TWO market opens in the course of a normal day. <must keep thinking differently>

South of Spain, that is the ticket for me.

Adios!
yep, i second that!!
i lived in mallorca for a number of years but left to live here in holland to realize my ambitions of trading full time. believe me though i will be back as soon as im working this full time!...cant wait...sun, great people, great culture...i could go on. Actually im liking the idea of portugal more n more as well???
jon
PATIENCE... DISCIPLINE
  • #50,167
  • Dec 21, 2009 5:19am Dec 21, 2009 5:19am
Quoting raczekfx
Is it?

Here's your trend on 1h, 4h, 1d and 1w.

I'd wait for price to come down to 1.015/.02 and go WITH a trend...
..
Rac, just curious why on that chart you drew both Up and Down TLs using Highs?..

Also, do you pay attention to price being in a channel? Many thanks!
One Chart is Worth Ten Thousand Words.
  • #50,168
  • Dec 21, 2009 5:42am Dec 21, 2009 5:42am
Dear All,

I think this is it for me for 2009. I came a long way till here and this is still nowhere. I will recollect all I read and learned this year and can start 2010 fresh. I know I did not contribute extremely much to the thread and for that I appologize. My new years resolution is really to make the effort to share thoughts not only to acknowledge them and write down to myself.

I also thank you for all your hard work here. Rest assured it was not for nothing.

I wish you all a succesful 2010 with lot os positive pips!
Kind Regards zol
  • #50,169
  • Dec 21, 2009 5:57am Dec 21, 2009 5:57am
Quoting zoli
Dear All,
I think this is it for me for 2009. I came a long way till here and this is still nowhere. I will recollect all I read and learned this year and can start 2010 fresh. I know I did not contribute extremely much to the thread and for that I apologize. My new years resolution is really to make the effort to share thoughts not only to acknowledge them and write down to myself.
...
Nothing to apologize for.
most of us here learn first, share next.
Happy Holidays & See u in 2010!
  • #50,170
  • Dec 21, 2009 5:59am Dec 21, 2009 5:59am
Quoting Forex007
Rac, just curious why on that chart you drew both Up and Down TLs using Highs?....
if i may guess..
must be related to detecting divergences &/or
using line on close charts
  • #50,171
  • Dec 21, 2009 6:49am Dec 21, 2009 6:49am
Quoting phpscott
I have an EA that manages my trades for me but same effect. I do take PA setups that would make others cringe, but do not take every setup that appears. I may not be picky but my trading still evolves around support and resistance. I have been trading this way for 17 months and never considered looking back. I do trade like Mike on a demo account as I do want to improve on my patience. It's slightly under break-even.

Oh, this month has been my best month in a LONG time... currently +16.15%. The 15 min. trade was a runner. Just watch me enter a...
Support and resistance is my cornerstone, all my trades are taken at it before even looking for price action. My charts are predrawn with areas and then I wait.

Great job, October and December have been great for me as well with only a small percentage gain during November. Great quarter none-the-less.
  • #50,172
  • Dec 21, 2009 7:38am Dec 21, 2009 7:38am
Quoting Forex007
Rac, just curious why on that chart you drew both Up and Down TLs using Highs?..
part of my trading system.

Quote
Also, do you pay attention to price being in a channel? Many thanks!
no, I don't.
  • #50,173
  • Dec 21, 2009 8:26am Dec 21, 2009 8:26am
What a great post Cyrus. Truly. It's amazing how we all go through the same things. Almost word for word.

Mike has been saying the same things to me pretty much as I talked with him about my current stumble.

It's only trading.

Now that's so tough to hear but partly what brings me to this level of the curve is work. Practice and dedication. Time studying, time demoing, time listening to webinars, time reading....work work and more work. I was damn proud too.

Now I need to turn that whole ethic around, have fun, relax, kick back and concentrate on the fun. I have a friend who has the same issues with work and he asked me once for help. The solution I came up with was "Think of solutions that don't involve more work" because his solutions to his problems were often "Read more this, study more that" etc. All the noble stuff that had got him there in the first place.

We teach what we need to hear, right? I know that every time I put finger to keyboard on here what I am doing is sort of being my own coach, putting into words what is floating round in my head. It really helps me.

When I think of the wealthy people I really admire, they are the ones who make this whole enterprise fun. The ones who treat it like a huge game. I am an actor by trade, and the path to success there is a combination of responsibility and work combined with playing like a kid in a sandpit.

I like your point Cyrus about looking at the big picture, the long haul. It's similar to what Mike said to me. Trying to force things is what has made me stumble recently. I set myself goals and targets which were actually more of a hinderance than a help. Just allowing this to take as long as it takes, enjoy my life in the meantime and go "hey it's only trading" is where it's at as far as I am concerned.

I think that's easier if this is a sideline with a small account while you have a main job. But if it's a business with a business plan that you're dedicating yourself more or less full time to then it's harder. But no less necessary. I always used to think that if you opened a restaurant and threw yourself into making it a success it would be really hard to say "Hey if it fails, it fails" but then I noticed that my friends and family who were successful businessmen were the ones who said 'hey if it fails it fails'. I think the Bransons, Gates and Buffets of this world say the same thing too.

And I think you're spot on Cyrus, in trading it's essential. I've been doing pretty well. But what bugs me is that I haven't been consistent. Consistency is what I seek.

These psych slanted posts on the thread recently have been great. When I see RAc, rustyjeff, and Mike post one thing jumps out at me. They keep it very very simple. And they don't care about how anyone else trades.

Here's to that.


Quoting Cyrus
Totally relate to tt Aaron. Went through a similar phase lately... thankfully I was cognizant enough to recognise I was off balance mentally and took out all that crap on demo. But it's annoying, cause it disturbed my psych...

Found the key to this though! (at least its working for me)

That aside, the other thing that's hindered me, is taking this too seriously and losing the enjoyment/satisfaction of playing the game.

A part of me still thinks its a tad silly, but psychologically, if u're taking it too seriously, man, it's difficult...
  • #50,174
  • Dec 21, 2009 8:31am Dec 21, 2009 8:31am
Quoting ghous
Just abt as simple as it can get.

Last chart for the year.

Have a great xmas and new year ppl.

ghous.

Ghous

You really make it look easy. LoL

I joined the J16 site and I am impressed with how they organized the site so that it is easy to study for a newbie. Studying hard and some day hope to be able to get into this thread.

Thanks for the encouragement.

Hoping all have a safe and fun holiday.
Starting to see instead of just looking.
  • #50,175
  • Dec 21, 2009 8:47am Dec 21, 2009 8:47am
rac - wondering if you agree with did analysis - just asking because after the fact - I easily see what he's saying, but I am still struggling with what you've said.

Is there some other point you we're trying to get across?

Quoting didymario
I agree with u on the strength of the round no+ ppz and also overall we are still in a down trend. it also appears that we broke out of a very well estabished chart pattern, see the sharp move up, now i think it will take something special to stop this move right now. The ppz is special, d rn no is also but the PA in not. This is just my opinion.

Hunri
  • #50,176
  • Dec 21, 2009 8:56am Dec 21, 2009 8:56am
Quoting perch
rac - wondering if you agree with did analysis - just asking because after the fact - I easily see what he's saying, but I am still struggling with what you've said.

Is there some other point you we're trying to get across?
For me the trend has clearly changed, I have no second thought about it.

Are we going to 1.10/15 next year? For sure. When? I have no idea.

Is the price going to have trouble with breaching 1.05-06? Off course.

Is the pull back due? Absolutely. When? I have no idea (or not saying...)

Hope this helps and take it for what's it worth. I wish, but I don't move markets...... yet..
.
  • #50,177
  • Dec 21, 2009 9:04am Dec 21, 2009 9:04am
Quoting raczekfx
For me the trend has clearly changed, I have no second thought about it.

Are we going to 1.10/15 next year? For sure. When? I have no idea.

Is the price going to have trouble with breaching 1.05-06? Off course.

Is the pull back due? Absolutely. When? I have no idea (or not saying...)

Hope this helps and take it for what's it worth. I wish, but I don't move markets...... yet..
.
i call rac the monster ...lol
love ur posts, they really have helped me a lot
it hit me a while ago that forex trading at the end of the day is all about common sense..... not sure if that makes sense but ive been progressing and its looking simple.....
im giving myself a couple of months to get comfortable with my style of trading

1 of my few trades running ....
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  • #50,178
  • Edited 9:46am Dec 21, 2009 9:30am | Edited 9:46am
Quoting StoragePro
Damn Internet Spies....

Just had a nice Dinner at the Hanalei Dolphin. Sushi. Yum.


..

Man...SP is back ...I missed you buddy.
Sure you are doing great...keep enjoying life dude..!

Quoting squeezy
i call rac the monster ...lol
love ur posts, they really have helped me a lot
it hit me a while ago that forex trading at the end of the day is all about common sense..... not sure if that makes sense but ive been progressing and its looking simple.....
im giving myself a couple of months to get comfortable with my style of trading

1 of my few trades running ....
Edited: NO biases, no hoping.

Anyway, can't ignore our current location. I was waiting to hit this area since last week...time to take some off.

Now, let's keep it simple, no stress on high TF..and enjoy other things in life.


PS -Cyrus and Aaron...you both are awesome posters...thanks.
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  • #50,179
  • Dec 21, 2009 9:50am Dec 21, 2009 9:50am
Is it worth it? guess im not sure how to answer that except a resounding yes. For me its not as much about the money as it is I love to do this and i want to get better at something i love. Of course in the end its always about the money, that just comes second to me. I watched all the videos in the guest area, many from Mike and he makes alot fo sense (Ill be lookin for those cherry pickers). Thats why I was wondering if those are done regularly and saved on the website to watch over whenever. I still need to go over the 1st 200 posts or so is what someone mentioned. Im still looking for material that thoroughly describes the different bars and setups we need to look for.

Is anyone here trading live successfully now after studying these methods over some time?

thx
bulls


Quoting StoragePro
Unlimited??...
Whats happening in EUR/USD should be happening to you!
  • #50,180
  • Dec 21, 2009 10:06am Dec 21, 2009 10:06am
Quoting benji533
Man...SP is back ...I missed you buddy.
Sure you are doing great...keep enjoying life dude..!



Edited: NO biases, no hoping.

Anyway, can't ignore our current location. I was waiting to hit this area since last week...time to take some off.

Now, let's keep it simple, no stress on high TF..and enjoy other things in life.


PS -Cyrus and Aaron...you both are awesome posters...thanks.
most definately no biases & no hoping, thnx to J16 fam, i place my orders and walk away ....
from my simple analysis, we just broke out & im planning on holding this for a while, probably till next yr ....lol
but what do i kno ,i just react to what price is doing ,the best possible way i can
shld get some rets tmrw or so, anyways time to shut up & observe
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